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Admit your mistakes and correct them – Groupe Nduom to BoG

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Groupe Nduom has responded to some claims made by Bank of Ghana, stating that the central bank’s claims were wildly inaccurate and that BoG was aware that GN Savings had available to it more than the GH¢30.33 million that it relied upon to declare it insolvent

On June 14, the BoG defended its revocation of GN Bank’s license in 2019, claiming the move was justified due to substantial violations of regulations.

The central bank insists that GN Bank’s failure to adhere to essential financial norms and banking standards compromised its operational integrity.

In essence, the BoG suggests that it cannot reinstate GN Bank’s license as its management has requested.
Citing an August 2019 statement that outlined the revocation rationale, the Central Bank indicated that GN Bank did not meet the requirements for capital adequacy, liquidity, governance, and risk management.

Groupe Nduom, in a statement on June 16, noted that GN Savings adhered to all BoG mandates and had submitted a comprehensive report in June 2019 showing favorable business developments.

Additionally, that statement pointed out that the Government of Ghana and its entities owe over GH¢7.1 billion to Groupe Nduom companies.

These debts, according to the groupe, would not only enable customer restitution but also equip GN Savings with the necessary capital to reestablish itself as a universal bank.

Hence, it has urged the BoG to acknowledge and rectify its error.

“The statements Bank of Ghana (BOG) issued on August 16, 2019 regarding GN Savings are wildly inaccurate; BOG was aware that GN Savings had available to it more than the GH¢30.33 million that it relied upon to declare it insolvent; GN Savings was not allowed by regulation and GN Bank did not engage in illegal foreign currency transfers; GN Savings complied with all requirements laid down by BOG as a savings and loans company and wrote a detailed report in June 2019 to prove that its business was moving positively forward.”

“These facts are indisputable. BOG made a mistake that it must admit to and correct. Today, the Government of Ghana, its agencies and contractors owe Groupe Nduom companies over GH¢7.1 billion. With this money, customers will be paid and GN Savings will have enough capital to become a universal bank once again,” it stated.

The dispute began when the BoG attributed GN Savings’ insolvency to inadequate funds.
Contrarily, Groupe Nduom disputed this, asserting that GN Savings possessed in excess of the GHS30.33 million that the BoG used to base its decision.

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